The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable...
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The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2013) Furniture Promotional Material Supplies Capital Transactions: Date 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees - Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses Description 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission - Account 23-Jun Auction commission - Cash 26-Jun Rental commission - Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $18.947 $21.889 $30.693 $7.665 $28,876 $26,812 $532 Amount $2,428 $4,056 $1,042 $863 $569 $979 $1,095 $2,248 $1,476 $1,224 $1,702 $1,788 $3,866 $2,248 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) D Rent paid (months) Furniture useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. prepare financial statements: Balance Sheet Date Description 2-Jun Advertising placement fees - Account 5-Jun Rental commission - Cash 7-Jun Auction commission - Cash 8-Jun Sundry Expenses 10-Jun Rental commission - Account 12-Jun Advertising Expense - Account 15-Jun Auction commission - Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees - Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission - Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. - Transactions involve cash unless specified as "Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. 10 3 5,108 902 Amount $1.031 $1,860 $1,729 $339 $1,348 $1,348 $985 $1,130 $937 $984 $1,417 $770 $1,119 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2013) Furniture Promotional Material Supplies Capital Transactions: Date 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees - Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses Description 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission - Account 23-Jun Auction commission - Cash 26-Jun Rental commission - Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $18.947 $21.889 $30.693 $7.665 $28,876 $26,812 $532 Amount $2,428 $4,056 $1,042 $863 $569 $979 $1,095 $2,248 $1,476 $1,224 $1,702 $1,788 $3,866 $2,248 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) D Rent paid (months) Furniture useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. prepare financial statements: Balance Sheet Date Description 2-Jun Advertising placement fees - Account 5-Jun Rental commission - Cash 7-Jun Auction commission - Cash 8-Jun Sundry Expenses 10-Jun Rental commission - Account 12-Jun Advertising Expense - Account 15-Jun Auction commission - Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees - Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission - Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. - Transactions involve cash unless specified as "Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. 10 3 5,108 902 Amount $1.031 $1,860 $1,729 $339 $1,348 $1,348 $985 $1,130 $937 $984 $1,417 $770 $1,119
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To prepare the Balance Sheet we need to gather all the relevant information from the given transactions opening balances and additional information Le... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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